The city council of Belfast, Northern Ireland, has announced it is introducing a Bitcoin-like cryptocurrency for local goods and services. The technology is currently being trialled, during which the council hope to attract “an ecosystem of stakeholders.”
‘Belfast Coin’ Encourages Locals To Spend Locally
‘Belfast Coin’, developed with Israeli firm Colu, encourages residents to spend money in, and generally contribute to, the local economy. The council hopes to attract local businesses such as shops, restaurants, and services to participate by accepting the coin.
Admittedly Belfast Coin is no match for Bitcoin. Granted, it’ll be no match in terms of network effect, hash rate, decentralization etc. But that’s because the focus is on the local economy of Belfast.
Residents will be able to earn credit rewards by shopping locally, recycling, volunteering and taking part in civic activities. Once the scheme launches in full later this year, it will be accessible through an easy to use mobile phone app.